Expungement of Adverse Information on Forms U4 and U5

Stockbroker Law - Tuesday, August 02, 2016
Expungement of Adverse Information on Forms U4 and U5

The Financial Industry Regulatory Authority (FINRA) maintains an archive of frequently asked questions regarding the application of FINRA Rule 2080 relating to the disclosure of customer dispute information. Additional procedures relating to expungement sought of the arbitration panel stage customer dispute proceedings are contained in Rules 12805 and 13805 of the FINRA Code of Arbitration Procedure for Customer Disputes and Code of Arbitration Procedure for Industry Disputes.

The first step includes the filing of a petition, together with a recorded, in-person telephonic hearing, with the arbitrators who were originally assigned to the underlying case. If favorable, the expungement award must then be submitted to a court of competent jurisdiction for confirmation of the expungement.

The Arbitration Code requires the arbitrators to explain in their award the full factual bases for finding that an expungement is appropriate under one or more of the standards set forth in FINRA Rule 2080.

We offer a free initial consultation to individuals and investors who have been abused in the FINRA and/or court venued expungement process. For a free initial consultation contact the Law Offices of Timothy J. O'Connor at (518) 426-7700.

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